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Company News on Tuesday, April 9, 2019
Source: citibusinessnews.com
2019-04-09
Mr. Bawumia announced the reduction of import duties on April 3
The calculation and payment of new import reference values were facilitated by the publication of detailed documents by the Ghana Port Rating Agencies.
On April 3, 2019, Vice President Mahamudu Bawumia announced the firm's decision to reduce benchmarks by 50 percent for all imports and 30 percent for vehicles.
The document, which is available for citibusinessnews.com, covers clbadified imports in over seventy series.
Product categories range from cooking oil to canned tomatoes, ethanol, aluminum, frozen foods, rice, shoes, and more.
Following the announcement of the policy Wednesday, the GRA began to implement it with a directive directed to the rating agencies to adjust their valuation numbers.
For example, an initial reference value on a box of imported preserves ranging from 4 dollars to 70 cents [$4.70] at fifteen dollars, fifty cents [$15.50] will now attract a reference value between $ 2, thirty-five cents [$2.35] and 7 dollars thirty-five cents [$7.35].
Again, the reference value of importers of frozen products such as chicken has been reduced by sixty-one cents [$0.61] at thirty-one cents [$0.31].
Products imported from Europe will attract the equivalent of 0.31 euro, against 0.61 euro.
Meanwhile, an importer bringing in rice, which cost between $ 298 and $ 1290, will now pay a reference value of between $ 149 and $ 645 per metric ton.
In addition, benchmarks on one kilogram of imported paper range from $ 0.36 to $ 0.42.
This went from the initial range of $ 0.72 to $ 0.84.
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